# Consolidated Edison, Inc. (ED) — Stock CV

Consolidated Edison, Inc. is a $39.2B utility company. Revenue grew 9.5% over the last year, it keeps 13¢ of every dollar of sales as profit, and it carries $23.9B of net debt. It trades at 17.6× earnings — in the cheapest third of its own history.

> Con Ed is a holding company for Consolidated Edison of New York, or CECONY, and Orange & Rockland, or O&R. These utilities provide steam, natural gas, and electricity to customers in southeastern New York—including New York City—and small parts of New Jersey.

## Identity

- **Ticker**: ED
- **Sector**: Utilities
- **Industry**: Electric & Other Services Combined
- **Headquarters**: NEW YORK, NY
- **Employees**: 15 407
- **Website**: https://www.conedison.com
- **Market cap**: $39.2B
- **Last price**: $106.10
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $17.7B
- **Net income**: $2.22B
- **Free cash flow**: -$862M
- **Net debt**: $23.9B
- **P/E**: 17.6
- **Revenue growth (YoY)**: 9.5%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 60 |
| Growth | 64 |
| Profitability | 57 |
| Health | 30 |
| Quality | 72 |
| Moat | 48 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +9.5% YoY
- [x] Profitable — $2.22B TTM
- [x] Profit growing — +6.5% YoY
- [ ] Generates cash — -$862M TTM
- [x] Debt under control — current ratio 1.27
- [x] Established company — $39.2B market cap
- [x] Not printing shares — +6.9% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 1.0 — distress
- [x] Pays a dividend — yield 3.10%
- [x] Valuation not extreme — P/E 17.6

## Experience (career milestones)

- **2024** — It is one of the largest investor-owned energy companies in the United States
- **FY2023** — Best year on record: $2.52B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $12.1B in first reported year
- **2000** — Entergy acquired Indian Point 2 in November 2000, nine months after a steam generator leak
- **1998** — Also in 1998, Consolidated Edison, Inc. acquired Orange & Rockland Utilities
- **1954** — Con Edison bought it in 1954, and now operates the largest commercial steam system in the world, providing steam…
- **1936** — Consolidated Edison acquired or merged with more than a dozen companies between 1936 and 1960
- **1901** — The Consolidated Gas Company bought Edison Illuminating Company
- **1884** — New York Gas Light merged with the Manhattan Gas Light Company (inc

## Strengths

- High gross margin (46.7%)
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Negative free cash flow (-$862.0M)
- Altman Z-Score 0.96 — elevated financial-distress risk

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $13.7B | $1.35B | -$1.22B |
| FY2022 | $15.7B | $1.66B | -$233M |
| FY2023 | $14.7B | $2.52B | -$2.34B |
| FY2024 | $15.3B | $1.82B | -$1.16B |
| FY2025 | $16.9B | $2.02B | $36.0M |

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Source: https://stockcv.com/ED — derived from company filings; may be delayed or incomplete. Information, not investment advice.